How does Swopblock operate without requiring its own KYC verification?

Swopblock operates without customer deposit accounts and in a way that doesn’t require the need to conduct its own Know Your Customer (KYC) verification because it doesn’t directly handle fiat-to-crypto transactions or onboard users itself. Instead, Swopblock relies on established financial institutions—like banks 🏦 and online payment platforms 💳—that have already conducted KYC checks ✅ on our mutual customers.

🔍 How It Works:

1. KYC Compliance Happens Upstream

• Users looking to purchase Swopblock’s cryptocurrency for delivery and not on account will do so through third-party payment methods (banks, payment processors, exchanges, or SEC approved fundraising) that already enforce KYC regulations.
• These institutions verify users' identities 🆔, ensuring compliance with anti-money laundering (AML) laws and KYC regulations before allowing transactions.

2. Swopblock Does Not Directly Handle Fiat-to-Crypto Exchange Accounts

• Unlike centralized exchanges that must perform KYC because they handle deposits, withdrawals, and trading, Swopblock does not directly interact with users in this way
• Instead, Swopblock functions where only pre-verified users (who have already passed KYC with banks or payment processors) can access and interact with Swopblock.

💡 The Bottom Line

Swopblock leverages the existing compliance framework of financial institutions, ensuring that all customers have already met KYC requirements 🎯—eliminating the need for Swopblock to conduct its own verification process.

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